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81. Pre Market Analysis - April 01 , 2021

  1. Welcome you all New Financial year , Lets take a pledge to stick with Patience and Discipline in Upcoming year and hope everyone will end positive of this year by learning from past year mistakes.

  2. Markets closed in red of Last day of financial year.

  3. Nifty fell 154 points and Sensex fell 167 points and Nifty Bank fell 571 points.

  4. Tuesday Reliance and HDFC twins are the major stocks which helps Nifty to move higher and Wednesday HDFC twins and Reliance are the only which dragged Nifty and Bank Nifty.

  5. HDFC twins itself dragged 104 points out of 154 points on Nifty and 371 points out of 571 points for Bank Nifty.

  6. This is the main reason why we need to track weightage stocks every time , IT stocks performing well and few stocks like ITC , HUL are spiking but still Nifty closed in red due the under performance in selective Banking stocks and Reliance .So hope you people learn from last 3points that if we want trade on Index then its imp go with a direction of weightage stocks rather than taking trades with a confirmation of border stocks rally .

  7. Last quarterly results IT stock shot up 20% in just few days and we have to see what will happen to this quarterly results and hope those results will come in positive.

  8. Second straight day for DIIs to be on buying side of more than 2000 crores as FIIs sold 1685.91 crores and DIIs bought 2081.52 crores on yesterday.

  9. Just now FM twitted that No cut in interest rates but the way HDFC twins fell was drastic so we have to wait and see what will happen to Bank Nifty.

  10. Coming to global markets :- Dow jones closed red but S&P , Nasdaq closed with positive bias and UK markets closed positive on yesterday.

  11. Currently Dow Jones and Nasdaq and UK futures are muted.

  12. All Asian markets are trading at lower.

  13. SGX Nifty is up by 99 points as of now.

  14. Coming to India :- Today we may see some gap-up opening based on SGX Nifty .

  15. The way markets fell yesterday looks it may continue the same selling pressure by today and dont take confirmation of SGX Nifty positive sign in our markets beacuse we are siting lot of news first day of financial year and HDFC twins fall and muted clues of US markets and we may see some other sectors performance so expect some index management today.

  16. Expect some selling pressure at higher levels if markets move upside today and Nifty may turn at 14,900 to 15000 levels and today is expiry day and next 3 days holiday so expect high volatile day with wild swings its better to finish the trades in the morning and stay light in the afternoon session.

  17. The one who is looking for support and resistances based on OI data :- Nifty 15000 was added more contracts and 14,900 was added more contracts so the chances of closing below 14,900 is high and support at 14,600.

  18. Bank Nifty 34000 was added more contract which will act as strong resistance of this expiry and support at 33000 which is highest OI contracts of this week.


We wish you all the best of New Fiscal year , be Discipline and trade with less Greed.

BONFIRETRADER

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